Up To $33,500 to Buy a Home....with NO Repayment!
On Tuesday, October 3rd the Department of Housing and Community Development (DHCD) and the Redevelopment Authority (RDA) partnered with the State of Maryland to launch the Maryland Mortgage Program’s partnership with the Pathway to Purchase Program. This partnership will increase the benefits for homebuyers and make it easier to purchase their first home.
The program will now offer up to $25,000 in down payment and closing cost assistance. The monies are offered in the form of a zero percent deferred loan forgiven after 10 years, $2,500 forgiven each year the buyer stays in the home until they reach the 10th year. The requirement for the buyer to contribute 1.75% of their own funds has been removed too!
And if the buyer partners with the Maryland Mortgage Program (MMP) and chooses the 1st Time Advantage 6000 or FLEX 6000 loan product then Pathway to Purchase will match up to $2,500 as additional down payment assistance. The match funds are added to the $6,000 MMP monies for a total of $8,500 in a zero percent deferred loan which is repayable when the home is sold or if the mortgage is paid off and refinanced.
That is $33,500 in possible assistance to your buyers for down payment and closing costs!
The buyer must be a first-time homebuyer defined as anyone who has not owned a home in the last three years and they must purchase in Prince George’s County. The price limit for new construction homes is $467,000 and for resale homes is $432,000. Minimum 620 credit score required.
INCOME LIMITS
1 Person Household $ 84,400
2 Person Household $ 96,450
3 Person Household $108,500
4 Person Household $120,550
5 Person Household $130,200
6 Person Household $139,850
7 Person Household $149,500
8 Person Household $159,150
This program is not optimal for short sales or foreclosures because it does require a Housing Quality Standards (HQS) inspection and any repairs that come up on it have to be completed by the seller. It also requires realistically 60 days to close. If you can find a seller that will agree to those terms then this is a great solution for buyers to help them into a home.
To see if you qualify, contact me today and connect with one of our preferred lenders approved for the program.
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